Image Recognition Market to grow at an Impressive Rate through 2026
High
proliferation of smart devices and rise in demand for cloud services is expected
to drive the demand for global image recognition market in the forecast period.
According to TechSci Research report, “Global
Image
Recognition Market By Component (Hardware, Software and Services), By
Deployment (On-premise and Cloud), By Application (Scanning and Imaging,
Security and Surveillance, Image Search, Augmented Reality, Marketing and
Advertising), By Company, By Region, Forecast & Opportunities, 2026”, global
image recognition market is expected to witness significant growth for the next
five years owing to diverse use of image recognition solutions in various applications
such as to ensure security at airports, facial image recognition technology is
used. Automotive, healthcare and retail are some of the promising end-user
industries using image recognition technology extensively. Technological advancements
in the field of image recognition such as face recognition, moderation of
content is paving the way for the market growth in the coming next five years.
Biometrics used in official and residential spaces and increasing demand for
digital payments is accelerating the image recognition market growth. Adoption
of machine learning and artificial intelligence in existing image recognition
technology is enhancing the overall performance with better results. Augmented
reality is using image recognition technology for detection of 2-D images and
to generate augmented content for application in entertainment sector and
product display. Text extraction and content discoverability are the two
prominent drivers for global image recognition market.
However, high installation cost for image
recognition devices may create hindrance in the global image recognition market
growth.
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Market”
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Global image recognition market is segmented
into component, deployment, application, region, and company. Based on
application, market is further categorized into scanning and imaging, security
and surveillance, image search, augmented reality, marketing, and advertising.
Marketing and advertising segment is dominating the market in 2020 and is
expected to maintain its dominance throughout the forecast period.
Organizations are adopting image recognition technologies to improve marketing
activities by branding and advanced advertising. Placement of advertisements
according to the context is driving the global image recognition market. Also,
to improve the consumer experience organizations are adopting AI-based
technology integrated image recognition solutions. Based on components, market
is divided into hardware, software, and service. Software segment is expected
to hold significant share for the next five years owing to the use of digital
image processing for development of software including digital vision with the
aid of API to foster the global image recognition market growth.
Microsoft Corporation, IBM Corporation,
Qualcomm, Inc, Google LLC, Amazon Web Services Inc, NEC Corporation, Catchoom,
Slyce Inc, Vispera Information Technologies, Toshiba Corporation are the
leading players operating in global image recognition market. Manufacturers are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several image recognition manufacturers are coming
up with their technologically advanced offerings.
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“Adoption
of image recognition technology in plethora of applications such as automated
vehicles, social media monitoring is influencing the global image recognition
market growth. Digital marketing is booming industry and visual analytics, and
visual listening facility of image recognition process is aiding the image
recognition market across the globe. Rising security concerns is creating
lucrative opportunities such as facial recognition is propelling the market
growth till 2026” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Image Recognition Market By Component (Hardware, Software and Services), By
Deployment (On-premise and Cloud), By Application (Scanning and Imaging,
Security and Surveillance, Image Search, Augmented Reality, Marketing and
Advertising), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the
future growth potential of global image recognition market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of global image recognition market.
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